The Situation
A borrower reached out through our Facebook ad. They were a first-time buyer making $55,000/year with a 589 credit score and literally zero saved for a down payment. They'd been told by two other lenders that homeownership wasn't possible right now.
What Programs Were Available?
After reviewing their full financial picture, here's what they qualified for:
- FHA: Min credit 580, 3.5% min down, PMI required
How We Solved It
First, I referred them to my credit repair specialist, Tom. Within 90 days, they got their score from 589 to 640 — enough for FHA.
For the down payment problem, I matched them with California's MyHome Assistance Program (CalHFA), which provides up to 3.5% of the purchase price as a deferred second loan. That covered their entire FHA down payment.
We used FHA financing at 3.5% down (covered by DPA), keeping their total out-of-pocket costs under $2,000 for closing.
The Result
They closed on a $350,000 home in Riverside County with a monthly payment of $2,450 — less than their rent. Zero down payment out of pocket.
Key Takeaway
Don't let a low credit score or no savings stop you. Credit repair + down payment assistance programs exist specifically for this situation. The whole process took about 4 months from first contact to keys in hand.
Think You Might Be in a Similar Situation?
Every borrower's scenario is different, but the process is the same: we look at your full picture, find the right program, and create a plan. Whether it's credit repair, down payment assistance, or a specialized loan program — there's usually a path.
Schedule a free consultation to see what you qualify for. No obligation, no pressure — just honest answers about your options.
Contact Aditya Choksi | NMLS #2055084 | (949) 478-7641
This scenario is based on a real borrower situation. Names, exact figures, and identifying details have been changed to protect privacy. Your qualification depends on your specific financial situation.